All Forum Posts by: Jesse B.

Part of me wants to believe that Detroit really has nowhere left to go but up.  I think that thirty years from now most of the Midwest cities will be better off, but I'm not sure Detroit is one of them.  I think the city is stuck with an entitlement mentality that it will never overcome.

For the downside google the housing crash of 2008.  :)

Make sure you follow the termination procedures as outlined in your contract. If it is for a non performance issue it should be no surprise to him as you should have already been discussing as well as followed up in writing with him.

I think what @Jay Hinrichs is describing is a much better arrangement in most cases than trying to create a legal entity to do business under.  

it would have been interesting to make an offer and see how it went.

If I were that concerned of getting water in the basement I would be putting in a sump. As none of the walls will be structural you only need enough securing to the floor to keep the walks from moving, particularly around door jams. I just use the blue concrete screws to fasten. I'm not familiar with what kind of water issues you might be dealing with though but I doubt I would worry too much if I were fastening with screws on 32" spacing. I live in a dry climate and usually just hit with a floor sealer before framing, never had an issue. One thing for future thought is depending on what kind of sealer you used you may find when you do your tile work that it takes much longer to set.

I'm finding REOs are selling for exactly what the market will support ;)

David Roberts You have a lot of questions, which is a good thing! You may want to try and break them up into multiple topics as I suspect this thread will probably end up on focussing on one or two. A lot of these questions could be found in the search, but I'm sure someone will be willing to answer again :) I'm no expert at any of your questions though, just have an understanding from what I have learned here, so I will leave the answering to those who know!

@David Roberts  Welcome!  If you enjoy running numbers, I would recommend not worrying about the 2% rule and back calculating what % you need in your market to meet your desired return.  

I think the key point from @James Wise  is that this house is fairly priced.  I would expect most investors would have an idea of what market value should be.  How many of you would need to have a realtor drive you around so you could make an offer at 25% of list?  In my market I would make a standing offer of everything on the mls right now at 25% of list, sight unseen.  Granted maybe Cleveland is different...but who wants to be the guy wasting a realtors time listing 80% above market?